Gemini Cryptocurrency Exchange Advocates Regulations

167
Is the Exchange Regulated?

In its new ad campaign, the exchange owned by the Winklevoss twins positions itself as being reliable and trustworthy.


Quite a few cryptocurrency firms are known to be mostly unwilling towards following existing laws. Many cryptocurrency maximalists come from a libertarian bent of mind and are averse to any kind of interference from authorities.

However, Gemini Trust Co., the U.S.-based cryptocurrency exchange established in 2014 by Cameron and Tyler Winklevoss, have chosen to position themselves as favoring regulations.

In its latest ad campaign, the company argues that the crypto sector needs to protect investors by adopting existing best practices and following regulations. The campaign also showcases Gemini as a trustworthy and regulated player.

Gemini

The Thought Process Behind the Campaign

Gemini has splashed slogans like “The Revolution Needs Rules,” “Crypto Without Chaos,” and “Money Has a Future” in subways and on taxi tops. According to the firm, a full-page ad will also appear in the New York Times on Monday that will reinforce the message.

Chris Roan, head of marketing at Gemini, said:

We believe that investors coming into cryptocurrency deserve the exact same protections as investors in more traditional markets, adhering to the same standards, practices, regulations and compliance protocols.

In our competitive set there are widely varying degrees of adherence to regulatory guidance from people that oversee the more traditional financial marketers.

He further added:

Some players are devoted to decentralizing authority over money, a key tenet of many cryptocurrency advocates, while others including Gemini believe there has to be a ‘bridge’ between the old system and a new one.

Winklevoss twins

The Timing of the Campaign

Gemini roped in an agency named Interesting Development to work on the drive. According to Roan, the campaign comes just after the launch of a mobile app. The ads seem to be targeted at retail investors.

2018 was a bad year for cryptocurrencies, and crypto businesses, including exchanges, were stricken by declining volumes. Analysts and market observers are of the view that the market may have bottomed out and are expecting 2019 to be better for the overall market.

Neha Narula, director of the Digital Currency Initiative at MIT Media Lab, believes that existing regulations could be applied to cryptocurrencies, but it’s not happening consistently.

She says:

There is a huge problem with market integrity, with consumer protection, and we definitely need to make sure that regulations are being enforced where they apply.

She further added:

I wouldn’t want it to get to a case with crypto where innovation is stifled because it’s too expensive for them to comply with regulation.

What are your thoughts on the new ad campaign by Gemini? Let us know in the comments below.


Images courtesy of Pixabay, Gemini, and Flickr/@Cellanr.

LEAVE A REPLY

Please enter your comment!
Please enter your name here